Exxon to Offer Benefits to Same-Sex Couples in U.S.

The company says it will recognize "all legal marriages" when it determines eligibility for health care plans for the company's 77,000 employees and retirees in the U.S.

That means if a gay employee has been married in a state or country where gay marriage is legal, his or her spouse will be eligible for benefits with Exxon in the U.S. as of Oct. 1.

Exxon, which is facing a same-sex discrimination complaint in Illinois, said it was following the lead of the U.S. government. In June, the U.S. Supreme Court struck down the Defense of Marriage Act, which had allowed states to refuse to recognize same-sex marriages granted in other states. In recent months, federal agencies have begun to offer benefits to legally-married same sex couples.

"We haven't changed our eligibility criteria. It has always been to follow the federal definition and it will continue to follow the federal definition," said Exxon spokesman Alan Jeffers in an interview.

Jeffers said the company offers benefits to same-sex couples in 30 countries, consistent with local laws.

But Exxon has been criticized for declining to offer same-sex benefits or explicitly ban discrimination against gay and transgender workers at a time when many other big companies, including rival oil companies, have done so.

In a ranking this year of corporate anti-discrimination policies to protect gay, lesbian and transgender workers by the Human Rights Campaign, a national gay-rights group, Exxon ranked last.

The company is being is facing a complaint in Illinois for allegedly discriminating against a gay job applicant. Exxon says the complaint is without merit.

Tico Almeida, founder and president of Freedom to Work, a gay-rights group involved in the Illinois case, commended Exxon for changing its benefit policy, but criticized the company for "dragging its feet."

"It's a shame Exxon waited until after the Labor Department issued official guidance explaining that their old policy does not comply with American law," Almeida said.

Jonathan Fahey can be reached at http://twitter.com/JonathanFahey .

DealBook: Exxon to Buy Canadian Oil and Gas Company for $3.1 Billion

ReutersExxon is buying more oil and gas assets in North America. In September, Exxon agreed to acquire Denbury Resources properties in the Bakken shale for $1.6 billion.

Exxon Mobil agreed on Wednesday to buy Celtic Exploration for about $3.1 billion in cash and stock, as it sought to expand its presence in the energy-rich shale formations of western Canada.

Under the terms of the deal, Exxon will pay about 24.50 Canadian dollars ($24.92) a share, 35 percent above Celtic’s closing price on Tuesday and 34 percent higher than its 30-day volume-weighted average stock price.

Existing Celtic shareholders will also receive 0.5 of a share in a new company that will be led by Celtic’s current management team.

Investors who own Celtic’s convertible unsecured subordinated debentures will exchange their holdings for common shares in the company, which will then be swapped for the 24.50 dollars and 0.5 of a share in the new company.

The takeover is the latest effort by major oil concerns to tap the oil-rich rock formations of North America, including the province of Alberta, where Celtic is based. In July, the Chinese company Cnooc bid $15 billion for Nexen, a significantly bigger explorer based in Calgary, in large part to get in on the shale boom.

And Exxon has proved interested in finding new shale formations, fortified with drilling technology gained from its $31 billion acquisition of XTO Energy in 2009.

Founded in 2002, Celtic focuses its exploration and production of oil, natural gas and related liquids in west central Alberta, particularly in the Montney and Duvernay shale formations. Its holdings produce about 72 million cubic feet a day of natural gas and 4,000 barrels of crude oil, condensate and other liquids. And it is estimated to hold 128 million oil equivalent barrels of proved and probable reserves.

But Celtic’s shares have fallen nearly 25 percent in the last 12 months, as the company has been hurt by a prolonged trough in natural gas prices.

In the wake of the Nexen deal, however, some analysts speculated that it might be an attractive takeover target for oil companies seeking to gain toeholds in the Alberta shale.

“This acquisition will add significant liquids-rich resources to our existing North American unconventional portfolio,” Andrew Barry, president of Exxon Mobil Canada, said in a statement. “Our financial and technical strength will enable us to maximize resource value by leveraging the experience of Exxon Mobil subsidiary XTO Energy.”

The deal is subject to approval by Celtic shareholders and debenture holders, as well as Canadian government regulators.

Celtic was advised by FirstEnergy Capital, RBC Capital Markets and the law firm Borden Ladner Gervais.